Is India About to Reverse Its Crypto Trade Ban?

Nevertheless, India is home to existing blockchain adoption initiatives as well. In May, seven of India’s largest banks joined a blockchain-powered trade finance initiative led by local IT giant InfoSys. The alliance, known as India Trade Connect, includes participants such as Axis Bank, ICICI and South Indian Bank. It was reportedly formed to conduct tests of InfoSys’ Finacle Trade Connect, a blockchain platform designed to “address the trade finance process requirements of banks.”

Moreover, in June, the government of the south Indian state of Kerala announced that it will use blockchain for food supply and distribution in a new project headed by Keralan think tank the Development and Innovation Strategic Council (K-DISC). It will use blockchain and Internet of Things (IoT) technology to make the state’s supply network for dairy products, vegetables and fish more efficient, further establishing blockchain as a viable tool for the local economy.